Today, dollar for dollar, is the 318 faster than the 340 ???

Dollar for dollar 318 is better at $3000. Build a good solid bottom end 318 for $1500 -$2000 the other 1000-1500 goes towards camshaft, a little head work on some magnum heads and Intake carb
What HP do you think it would produce? I have learned the Magnum head are far better than the 318 LA's a plus IMO.